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Surong Bulakul, PTT CFO

Thailand’s state-controlled PTT Pcl said it plans to cut its 2014 investment budget by 30 percent to $1.86 billion as the nation’s ongoing political turmoil continues to delay new projects.

This is the second year in a row that PTT has scaled back spending plans after the company showed aggressive expansion in recent years.

“We are putting several new projects on hold, pending approval from the new government,” said Chief Financial Officer Surong Bulakul.

PTT will review the budget again pending the forming of a new government, Surong said.